Calculator Payroll Taxes Hemandez Builders has a gross payroll for January amounting to $480,000. The following amounts have been withheld: Federal income taxes $60,000 Social Security 29,760 Medicare 6,960 Charitable contributions 1% of gross pay Union dues 2% of gross pay Also, the federal unemployment tax rate is 6.2%, and applies to all but $48,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? 2. Prepare the journal entries to record the payroll. If an amount box does not require an entry, leave it blank. Wages Expense 480, 10 / Federal Income Taxes Withholding Payable 60,000 Social Security Taxes Payable (Employee) 29.7607 Medicare Taxes Payable (Employee) 6,960 Wages Expense 480,000 50.000 29.760 Federal Income Taxes Withholding Payable Social Security Taxes Payable (Employee) Medicare Taxes Payable (Employee) Charitable contributions Payable Union Dues Payable 6,960 Wages Payable X (Record wages and liabilities) Federal Unemployment Taxes Expense v Social Security Taxes Payable (Employer) X Medicare Taxes Payable (Employee) X Federal Unemployment Taxes Payable Hillll lllllll vilgul lla (Record employer payroll taxes)